Pt Buana Lintas Lautan Tbk · IDX:BULL
Pt Buana Lintas Lautan Tbk — PT Buana Listya Tama — Investor Presentation (August 2011)
31 slides from Pt Buana Lintas Lautan Tbk's investor presentation, August 2011
Slide 1: Energizing Indonesia's Growth
Company Presentation Energizing Indonesia’s Growth August 2011 PT Buana Listya Tama Tbk
Slide 2: Company Overview
Company Overview
Slide 3: Overview of Buana
Overview of Buana 3 Market leader in Indonesia – Largest fleet of Indonesian-flagged vessels with 21 operating units 3 Focus on fast-growing energy sectors such as oil and gas tankers, LNG tankers and FPSO/FSOs 3 Diversified fleet of high quality oil, gas, chemical tankers and FPSO/FSO vessels 3 Ove
Slide 4: Key milestones
Key milestones Oil tanker FPSO/ FSO FSO Pradapa P d FPSO Brotojoyo Oil tankers MT Badraini (Converted) (Upgraded) MT Brotojoyo Gas tankers Chemical tanker MT Gas Bali MTMT GasMaluku Gas Maluku MT Pradapa MT Gas Komodo MT Kunti Incorporated and domiciled in Jakarta Cabotage phase II: Dom
Slide 5: Continued focus on growing and broadening fleet
C ti Continued d focus f on growing i and d broadening b d i fleet fl t Capital expenditure (Rp bn) Growth: 92.6% 1,354 703 FY2009 FY2010 2008 2009 2010 Mar 2011 Capacity = 156,622 dwt Capacity = 337,503 dwt Capacity = 516,668 dwt Capacity = 633,869 dwt 516,668 633,869 2% 15% 1% 19% 13% 337,503 14%
Slide 6: Fleet overview
Fleet overview 15 owned vessels + 6 leased vessels1 633,869 DWT Oil tankers Gas tankers FPSO/ FSO Chemical tankers 8 owned and 1 leased vessel 4 owned and 4 leased vessels 2 owned vessels 1 owned and 1 leased vessel 441,232 DWT 85,539 DWT / 105,882 CBM 97,236 DWT 9,862 DWT
Slide 7: Non Compete Agreement with BLT
Non Compete Agreement with BLT Focus on chemical tankers business Focus on energy-related sectors Global focus Non-compete Non compete Agreement Domestic focus All business activities outside of All business activities in Indonesia Indonesia 6
Slide 8: Our corporate structure
Our corporate structure 99.00% 99.80% PT Brotojoyo PT Banyu Laju Maritime 0.20% Shipping 0.01% 99.99% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.98% 99.98% 99.99% 99.00% 99.00% 99.00% 99.00% 99.00% PT PT PT Bayu Gemilang PT PT PT PT PT BLT PT Karya PT Pearl PT Ruby Berlian PT Jade PT Onyx PT Topaz
Slide 9: Key Strategies
Key Strategies … will be achieved by pursuing the following key Buana’s Buana s strategic objective objective… strategic initiatives To employ our competitive strengths to: Expand our capacity and capability in higher value segments Significantly scale up business FPSO/FSO/Floating Structure;
Slide 10: Key Investment Highlights
wr Key Investment Highlights
Slide 11: Key investment highlights
Key investment highlights Highly experienced and proven management team with an average of 20 yrs of experience Market leader in the Indonesian energy Indonesia’s cabotage regulations reserve 1 shipping industry (c. 43% share for gas huge opportunities for domestic tankers and c. 24% share for crude
Slide 12: Highly experienced and proven management team
1 Highly experienced and proven management team ners Widihardja Tanudjaja Michael Murni Gunawan Hie Vivi Junaedi President Commissioner Commissioner Independent Commissioner of Board o Commissio 32 yrs. of shipping industry experience 12 yrs. of shipping industry experience Has served as CFO a
Slide 13: Market leader in the Indonesian energy shipping market
2 Market leader in the Indonesian energy shipping market Largest local vessel operators in Leading player in the highest value L di Leading market k t share h Indonesia sectors Market share by product segments Petroleum tankers & FPSO/ FSO FPSO VLGC Chemical Buana Others Gas carriers Crude oil & pro
Slide 14: Diversified and flexible fleet
3 Diversified and flexible fleet Diversified fleet mix Fleet flexibility y Oil Gas FPSO/FSO Chemical Oil Current fleet mix1 Chemical Tanker FPSO Gas 10% Owns several oil tankers which can be Limited correlation FPSO/ FSO converted to FPSOs or FSOs across segments 10% Oil Owns the only Indonesian
Slide 15: High degree of time charter contract coverage and high quality of charterers
4 High degree of time charter contract coverage and high quality of charterers Contract coverage g (by ( y year) y ) Time charter contract coverage g Time Charters Spot and COAs # of # on % T/C 1 Avg. T/C1 contracted contract length 9% Vessel type DWT vessels T/C1 19% by DWT2 by DWT3 (yrs) 26% Oil t
Slide 16: Scale and financial strength to fund growth
5 Scale and financial strength to fund growth Total debt1 / Book capital2 (x) Total debt1 / EBITDA (x) As at Dec 31, 2010 As at Dec 31, 2010 3.9x 0.4x 0.2x 1.5x 3 4 3 4 Buana Pro-forma Buana Pro-forma Strong relationships with multiple financial institutions Strong capacity to fund investments for f
Slide 17: Rapid growth opportunities in Indonesia: electricity
6 Rapid p growth g opportunities pp in Indonesia Indonesia’s electricity consumption and generation is expected to grow strongly due to the government’s fast track program Electricity consumption per capita (kWh/capita) 12,669 8,499 8,034 7,105 6,322 5,703 3,732 2,444 2,574 2,103 1,148 480 504 553 J
Slide 18: Rapid growth opportunities in Indonesia: oil and coal
6 Rapid p growth g opportunities pp in Indonesia Indonesia’s oil and coal consumption expected to continue growing Indonesia Oil and Oil Products Imports Indonesian Coal Demand (thousand barrels per day) (million ton) Growth 2005 –09 = 80.9% Growth 2005 –15E = 214% 700 140 600 120 500 100 400 80 300
Slide 19: Rapid growth opportunities in Indonesia: gas
6 Rapid p growth g opportunities pp in Indonesia Indonesia’s g gas consumption p is amongst g the lowest in the region g and is expected to grow with government policy In 2008 the government changed their policy to focus on increasing the use of gas domestically Convert 10 million kiloliters in
Slide 20: Rapid growth opportunities in Indonesia: FPSOs and FSOs
6 Rapid p growth g opportunities pp in Indonesia Significant untapped potential and implementation of Cabotage have created a favourable environment for Indonesian-flagged FPSOs and FSOs Charterer/ operator Ship name Built Age Type Cam ar Res ources Maera Ayu 1975 36 FSO JOB Pertam ina - Petrochina
Slide 21: Cabotage Development
7 Cabotage g Development p 20 PP 82/1999 & KM 33 tahun 2001 – foreign flagged ships Presidential UU No. 21 Tahun 1992 operating for 6 months Decree No. 5 – Shipping Law – in Indonesia must Tahun 2005 / KM groundbreaking rules on have at least half of No. 71 Tahun 2005 UU 17 year 2008 – the birth of
Slide 22: Cabotage implementation presents a compelling opportunity
7 Cabotage g Development p Cabotage implementation presents a compelling opportunity Areas covered Key requirements Shipping of any kind of cargoes • Must be Indonesian flagged between 2Indonesian ports: • Must be owned by Indonesian Oil and gas tankers shipping company FPSO/ FSO/ Floating • M
Slide 23: Implementation of Cabotage has created a favourable market
7 Implementation of Cabotage has created a favourable market with significant opportunity for domestic ship-owners Reduced competition from Strong demand growth but Favourable freight rate foreign ship-owners limited supply of Indonesia- environment – higher than the owned and flagged vessels intern
Slide 24: Financial Overview
Financial Overview
Slide 25: Consolidated Profit & Loss (IDR Billion)
Consolidated Profit & Loss (IDR Billion) 2008 2009 2010 1Q2011 TOTAL REVENUE 288.1 247.7 567.0 257.2 Direct Costs (214.4) (274.0) (509.8) (159.4) GROSS PROFIT (LOSS) 73 7 73.7 (26 3) (26.3) 57 2 57.2 97 8 97.8 General & Admin Expenses (12.6) (13.2) (24.6) (6.7) OPERATING INCOME (LOSS) 61.1 (39.5) 32
Slide 26: Revenue, EBITDA and Net Income
Shipping markets weakened from 2008 into 2009 Revenue (IDR bio) * 1400 Buana did not enjoy any benefit from cabotage before 2010 1200 1028.8 Utilization increased gradually into 2010 and 2011 1000 Freight rates rose by as much as 100% into 2011 800 In 2010 the FPSO Brotojoyo obtained a new
Slide 27: Buana's performance will jump in 2011 due to:
Buana’s performance will jump in 2011 due to: Impact of implementation of cabotage New contracts already obtained, bringing contract coverage of revenues to around 90% Utilization to increase from 83% to around 95% (for example, in 2010 the FPSO Brotojoyo was being upgraded between Jun-Dec ) F
Slide 28: Consolidated Balance Sheets (IDR Billion)
Consolidated Balance Sheets (IDR Billion) 2008 2009 2010 1Q2011 ASSETS Cash & Equivalents 1.4 7.7 13.5 32.5 Total Current Assets 62.8 83.6 149.8 246.6 Fixed Assets 681.2 1,530.0 2,690.6 2,606.5 Other Assets 287.0 8.7 2.5 1.3 TOTAL ASSETS 1,030.9 1,622.3 2,842.9 2,854.4 LIABILITIES & EQUITY Total Cur
Slide 29: Buana's balance sheet has very low leverage
Buana’s balance sheet has very low Net Debt/Equity leverage, even including the 0.80 shareholder loan 0.70 With the recent IPO of USD120 mio, 0.67 0.60 0.62 Buana’s balance sheet has become even stronger 0.50 0.40 0.46 On pro forma basis, Buana’s position after the IPO has become 0.30 net cash
Slide 30: Value Overview
Value Overview
Slide 31: Comparative Valuation
C Comparative ti Valuation V l ti 30 EV/EBITDA PER Ent. Value Mkt Cap 2011 2012 2011 2012 (USD bio) (USD bio) (x) (x) (x) (x) Qatar Gas Transport Co Co. Ltd Ltd. 92 9.2 28 2.8 12 4 12.4 12 3 12.3 12 10 9 10.9 Teekay Corporation 8.3 2.5 10.3 9.5 Frontline Limited 4.7 1.9 11.9 10.5 Teekay LNG Partners
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